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NEW YORK — Pfizer Inc.’s first-quarter net income rose 53 percent despite growing generic-drug
competition. The world’s second-largest drugmaker benefited from a gain related to a joint venture
with China.

But the company’s results still fell short of Wall Street’s expectations, and Pfizer lowered its
2013 profit forecast by 6 cents to $2.14 to $2.24 per share.

Pfizer said net income was $2.75 billion, or 38 cents per share, down from $1.79 billion, or 28
cents per share, a year earlier.

Excluding one-time items, adjusted income was 54 cents per share, a penny less than the forecast
of analysts surveyed by FactSet.

Results were boosted by a $490 million gain from the transfer of some product rights to its
joint venture in China. In the year-ago quarter, Pfizer took charges totaling $1.66 billion for
litigation, acquisition and other costs.

Revenue in the latest quarter was $13.5 billion, down 9 percent from $14.89 billion a year ago
and below expectations of $13.99 billion.

Pfizer said unfavorable currency-exchange rates reduced revenue by 1 percent, or 4 cents per
share. The rest of the drop was due to lower sales from generic competition for its schizophrenia
drug Geodon and its cholesterol fighter Lipitor.

US Steel

US Steel reported it lost $73 million in the first quarter because of tough competition and
rising prices, and its outlook provided little hope that the current quarter will be any better,
sending its stock price lower.

The company lost money in its biggest segment, flat-rolled steel, which is used for things such
as appliances and cars. Production costs rose, but selling prices didn’t. US Steel said customers
have been able to get steel on short notice, so there’s no incentive for them to place big orders
in advance.

US Steel didn’t provide earnings-per-share guidance for the second quarter, but said it expects
a near-breakeven quarter on an operating basis. Analysts expected profit of 19 cents per share.

Aetna

Aetna’s first-quarter net income fell 4 percent as acquisition-related costs and rising
health-care expenses more than offset government business gains for the health insurer.

But earnings still topped analyst expectations, and the Hartford, Conn., company raised its
forecast for 2013, a year in which it will add business from Coventry Health Care, once it
completes the acquisition of that insurer.

In the first quarter, Aetna earned $490.1 million, or $1.48 per share. That’s down from $511
million, or $1.43 per share, in last year’s quarter.

Adjusted earnings totaled $1.50 per share, not counting items such as capital gains. That
trumped average analyst expectations for earnings of $1.38 per share, according to FactSet.

Operating revenue climbed 7 percent to $9.51 billion. That was short of analyst expectations of
$9.56 billion.